New York real estate prices post hefty gains

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Sales of existing single-family homes in New York surpassed 103,000 to set a new annual record in 2004, according to preliminary single-family sales data accumulated by the New York State Association of Realtors. The preliminary data showed a median selling price increase of nearly 17 percent in 2004 compared to the previous year. The 2004 statewide annual sales total of 103,526 represents an 8.4 percent increase from the 2003 market total of 95,534 and marks the first time the sales total has surpassed the 100,000-mark since NYSAR began tracking data in the 1980s. The previous record was set in 2002, when 97,522 existing single-family homes were sold. The 2004 statewide median selling price of $232,000 represents a 16.9 percent increase from the 2003 statewide median of $198,500. The...